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-hour -- the british prime minister since a shock wave through the eu, promising a referendum on britain's membership. >> time to cobble together a coalition after the israeli prime minister just scrapes through with an election victory. >> did germany's education minister plagiarize her phd? her university launches an investigation. talk about putting a cap amongst the pigeons a day after german and french leaders pledged to deepen e u's economic and monetary union. the british prime minister has signaled his country could want out. >> in a very -- delayed speech, david cameron said he wants to renegotiate the terms of britain's membership and the referendum, but not until the end of 2017. >> that has rattled london's biggest allies and some investors. more uncertainty and possible of people are not what they have been wishing for. >> kamen said he'd campaigned for es you vote, saying he had won the decisions he had -- the concessions he had campaigned on. >> the move had long been anticipated at home and across the european union. david cameron laid out his vision of britain's future. it is one tha
down the iron curtain and changing the entry into the eu of those countries that lost so many of their use to communism. and contained in this history is the crucial point about britain, about our national character, about our attitude to europe. britain is characterized not just by its independence but above all, by its openness. we have always been a country that reaches out that turns its face to the world that leads the charge in the fight for free trade and against protectionism. this is britain today, as it's always been. independent, yes, but open, too. i never want us to pull up the drawbridge and retreat from the world. i am not a british isolationist. but i do want a better deal for britain. but not just a better deal for britain. i want a better deal for europe, too. so i speak as a british prime minister with a positive vision for the future of the european union. a future in which britain wants, and should want, to play a committed and active part. now, some might then ask, why raise fundamental questions about the future of europe when europe is already in the mi
in algeria, but experts of his speech have been released. he will say that more of the same in the eu is not enough. he is also expected to demand a renegotiation of britain's membership with the block and then put the new terms to a public referendum. critics say he is pandering to euro skeptics in his own conservative party. for more on britain's relationship with the eu, we spoke to the president of the european parliament and asked first why he was so opposed to prime minister cameron's efforts to reclaim some of the powers london has ceded to brussels. >> i think we would need a stronger euro, but not a divided -- a stronger europe but not a divided europe, and i'm really surprised that britain is not a member of the euro. it would be useful that other countries and britain agreed the charter. we need a deeper integration of europe, and not a distraction of the european union. >> cameron seems headed down this road anyway with the threat of leaving the eu hanging in the background. is that fair? is he holding the eu to ransom? >> that would be really a disaster for great britain,
david cameron promises to hold a referendum on the e.u. warning that a concession for the democratic leadership is wafer thin. >> if we don't address these challenges, the danger is that europe will fail and the british people will drift toward the exit. >>> google could light a fire under u.s. markets today as the giant's fourth quarter profits top forecasts on higher ad revenues. >>> and here in davos, bank ceos fight back against regulators in an exclusive cnbc debate, apologizing to scandals of the past but defiant it the role of the industry. >> i think there's so much misinformation out there that's used aggressively by people for their own purposes. we provide a service to you. we make a little money every time we do it. that's what happens. >>> and ceo confidence down for a third year in a row according to a survey here. despite markets hitting multiyear highs with lack of decisions in the u.s. weighing on sentiment. >>> okay, hello and welcome to the start of our coverage from the annual meeting of the world economic forum here in davos. day one of three come. kelly, i could
of there being a straight referendum on being an in/out referendum, part of the eu, not part of the eu, which is mixed from where most people think they are. >> some of the surveys show the people becoming more worried about it and we saw those comments, what's his face, labor leader over the weekend saying that he's walking out of the eurozone. so clearly, he finds that there's political gain to be made from -- >> and then you saw this british train commerce survey, just 26% of them wanted to keep the status quo, right? >> i thought this was extraordinary. i was surprises how low it is. in this survey, when you ask businesses about how much in favor they are of keeping things the same, only 24%. >> 59% wanted a looser relationship with the eurozone. most people would say, we want to stay part of the eu, but we would like to have far less regulation, far less judgments than just have been contemplated from the european court. >> is britain going to be able to say that where they get rid of the regulation and teen the market and all that? >> that's the number one question. >> and we will explo
legitimacy it was difficult to find any room for compromise. >> eu foreign ministers feel it's a haven for terrorist groups. they held an emergency meeting in brussels. they agreed to train government forces in mali. the islamist rebels control the northern part of the country. french troops moved in friday to stop them from pushing south. france ruled the country forde kids a until independence in 1960. the mali government asked the french for help. the eu ministers said they would send trainers. an advance team will arrive in a few days. the rest will set up a camp near the capital. it will not play a combat role. >> it's about the security of the people and in this context all the people of mali. we know very well how all of this needs to fit together into a comprehensive strategy. >> mali's foreign minister attended the meeting. he said people in the country must work towards stability and can do so with international support. >> the bank of japan is intended to be an independent body making their own decisions on interest rates among others but the central bank and the government
a referendum before the end of 2017 on whether to stay in the eu. he announced this amid growing calls to leave the european bloc sparked by the ongoing eurozone debt problems. >> i am not a british isolationist. but i do want a better deal for britain. but not just a better deal for britain. i want a better deal for europe too. so i speak as a british prime minister with a positive vision for the future of the european union. a future in which britain wants and should want to play a committed and active part. >> cameron did emphasize britain should not leave the eu. he insists that staying is in the country's best interests. >>> the japanese government has revised upward its overall assessment of the country's economy for the first time in eight months. the upgrade was due to an improvement in business sentiment stemming from a weaker yen and also higher stock prices. in the monthly report for january released wednesday the government says signs of bottoming out can be seen in some areas of the country's economic activity. that is an improvement from its previous evaluation which stated the ec
to seek a fresh settlement with the eu and then to seek the consent of the british people to that settlement. >> i can confirm that that is exactly what i believe this country should do. it is the right thing for britain, because it is right that we are involved in the single market and are active players in the eu, but there are changes that we would like in our relationship that would be good for britain and good for europe, and because of the changes taking place in the eurozone, which is driving a lot of the change in the european union, there is every opportunity to achieve that settlement and then seek consent for it. >> a colleague of lord marland said, "he likes the foreign travel, leading trade delegations, meeting foreign leaders, but wasn't so keen on the detailed" policy of his new job. hmm, i wonder if the prime minister knows anybody else like that. >> the honorable gentleman had all morning to think of that! it is important that we have ministers in both houses who are linking up with the fastest-growing countries in the world. that is why our exports to chi
of commons last wednesday, he naswered questions about britain's rule in the eu and they talked was about a helicopter crash. this is just over a half hour. >> i am sure the whole house will wish to join me in paying tribute to reginald walker. it is clear to see he was an outstanding soldier and hugely respected and our deepest sent -- a deep sympathies are with his family and friends at this time. so like to mention helicopter crash in central london display but also central london display but also wish to join in sending our thanks to the emergency services for the rapid and professional response to the situation. mr. speaker, this point i had meetings with ministerial and colleagues and others, and in addition to my duties in the south i will have further such meetings later today. >> for too long many women and especially hard working stay-at-home moms have been penalized by the country's pension system for having interruption to their national insurance contributions. after 13 years when the previous government did nothing -- [shouting] >> does the prime minister think that the anno
. in the house of commons last wednesday, he naswered questions about britain's rule in the eu and they talked about the helicopter crash that killed two people. this is just over half an hour. a way that rewards hard work. >> order. questions to the prime minister. >> number one, mrspeake >> thank you, mr. speaker. i'm sure the whole hous will wish to join me in paying tribute to richard reginald walker, 28 engine regiment, attached to 21 engineer regiment. it is clear to see from the tributes paid that he was outstanding soldier and mutual respect. are deep assemblies are are with his family and his friends at this difficult time. mr. speaker, i would also lik to mention helicopter crash in central london display but also central london display but also wish to join in sending our thanks to the emergency services for the rapid and professional response to the situation. mr. speaker, this point i had meetings with ministerial and colleagues and others, and in addition to my duties in the south i will have further ch meetings later today. >> for too long many women and especially ard working s
eu joins us from beijing with more of the details. eunice, there have been questions about china's reliability in data. over the past couple of years. >> there's always a big question about that. in fact, goldman sachs and ubs were some of the brokerages that came out recently questioning the latest december numbers for the export figures. they were concerned that the export numbers reported by china didn't seem to match the export data from its trading partners and the slow at some of the ports. that was raising questions. the chinese officials came out and defended the numbers and said that the numbers were all well and good. there is so much skepticism about that. the trade data was looking as though it was very much in flux. however, when you take a look at those in isolation, it raises a lot of question marks. but in terms of going forward, how you read these data points, most economists say you have to look at them as guidelines. this is a developing economy. so in terms of guidelines, the latest figures that we saw for 2012 in terms of gdp or for industrial output and ever
results in europe look set for a change. the eu muniea explains his investigation into the search engine. he's convinced google is profiting by diverting internet traffic for certain businesses. >>> american skres announced better-than-expected earnings for the fourth quarter. it saw revenues of $8.4 had billion. it will make big restructuring changes which includes 5,400 job cuts throughout the quarter. shares dipped in extended hours of trading the. >>> and the fate of superman remains firmly with warner brothers and dc comics after a decision from a california court. the court of appeals said that the rights for the man of appeals should not stay with the cocreators. the decision means that warner can release this summer's new superman reboot without fear of legal challenges. so we're watching today. who is your favorite hee roar? superman, ironman, super mario draghi? whoever you like, e-mail us, tweet us. my produces asked me who i thought my favorite super hero was. it took my a while to think about it, but then i thought hong kong fooey. there you go. many happy memories. talking
britain should leave the e.u. and what that would mean. that has a lot of people talking here about the implications for the u.k., for europe. whether -- we had this big discussion about new york versus london. what happens to the banking system. what happens to the financial? that is the u.k. that's become a big i issue. let's bring in a good friend, as i said, of "squawk." bob hormatz, you know him well. a new -- not a fancy new title, but you're the under secretary of state for economic growth, energy, and the environment. that changed a year ago? >> yes, we tried to pull these together. increasingly what happens in the economy has an impact on the environment. environmental issues and energy issues are increasingly intertwined. >> always big in davos. and david cameron, it has an impact on the global economy if this were to go forward. the chances of it going forward i think are small. he has to get re-elected in 2015 to propose the up or down vote in 2017. it does put a cloud over the u.k. and e.u. a bit. >> the u.s. view has been not to get involved in u.s. politics. the u.s.
. >> the e you cannot help. energy policies are partly made on the eu level, but the construction of power lines is subject to national law. this is why the czech energy ministry is unhappy. >> it is very hard to make progress here, to get it except that the approval of new power lines has to be subordinated to pan-european interests. at least when it is a matter of grids, that would affect all of europe. politically, that is hardly conceivable right now, and we will never achieve a new european infrastructure this way. >> it is european regionalism -- when the wind blows in germany, the lines will keep running hot in the czech republic, so the czech republic is investing some 100 million euros to install phase shifters on the german border. they regulate the current. then, when too much current surges over from germany, the chip grid can simply turn it off, even if that blows some fuses in germany. >> 2013 is a so-called super election-year in austria, meaning that voters will go to the polls several times. regional parliaments are due to be elected in four of the country's states this sp
account deficit at about $2.5 billion. the trade in goods deficit came to more than 9.5 billion dollar. eu and chinese consumers have been buying fewer japanese products. company directors saw exports fall by 4.2% over last year while imports rose by 0.8%. time to get a check on the markets. the yen remains weak on speculation that the prime minister will push for further monetary easing measures. the dollar hit the 89 yen level for the first time in two and a half years. that pair trading at 89.07 to 12 at the moment. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting export on stocks. let's take a look at how other markets in the asia pacific are performing. south korea's kospi trading modestly in the negative down about .10 of a percent. look likes a bit of a mixed picture today. over
can be taken out of his position. >> we are seeing a lot of military maneuvers by the u.s. and e.u. in terms of moving arsenals to the turkish border region of syria. >> maybe these are the anti- missile defenses. i am not aware of a large contingency of people moving their to suggest there is an idea of intervention. it does not seem like intervention is on the radar. >> we will leave it there. thank you for joining us. pakistan says indian troops have killed a soldier in the disputed region. two sides exchanged fire across the line of control that is an internationally recognized border. india is accusing them of violating the cease-fire. the u.s. drone strike killed 16 people in northern pakistan. it comes days after another drought attack killed a top rebel leader in the area. pakistani intelligence officers say. taliban hideouts were targeted on sunday. >> according to reports, u.s. drone strikes on at least three different targets in the tribal territory leaves at least 16 people killed on the ground after 10 missiles were fired by the drones operating over the territory. in
of the reasons that london and the u.k. is trying to get out of the eu. >> well, you know, you talk about london surpassing new york. maybe so. you know, the a-market in london turned out fraud in it and they're keeping your capital in the industrialized world is bad, the fact that there is-- you're losing business, you should not lose. london was important before new york and it will be again. the fact that they don't know what the use of the funds will be, not the biggest concern. (laughter) >> i don't get it it. >> adam. >> hold on, charlie. first of all, we know what the money is used for, charlie hit it on the head to continue the farce that they've created, the promises they have made. the empires that have fallen into the ocean and they're killing themselves, adam. >> it won't work. >> adam don't you think it ultimately makes it harder for europe to be the strong, dominant place it used to be? >> i don't think this is going to keep europe. it's not at the top of the list, let's say that, they've got plenty of problems. >> all right, gerri, plenty of problems, is this the right solution?
. >> and chinese's li na advances with a straight sets win over radwanska. and in the men's draw, 2k5eu6ed ferrer came from two sets down to beat his spanish kinman. he will play after the defensive champions. there's an awful other names there, but here's one i know i can pronounce. it's aaron. and listen, we have that massive number in the beginning. the number of unemployed people around the world. 197 million people are now job less. but what's really upsetting is the vast increases to that number coming from the developing countries like europe. but we're seeing a massive spillover in asia and the worry is the engines of growth aren't driving the labor market -- let's explain, because the reports out today from the i.l.o. showing five years on from the start of the global financial crisis, it's the biggest -- last year the number of people losing their jobs rose by 4 million stretching that global jobless cue. you saw it at the top of the program, 197 million. this year, 2013, another five middle people are expected to lose their jobs which would take over. what's most worrying is the worst-
as the eu politics are, they're on their way to unified banking regulation in the eurozone. their crisis fund has stabilized. it's not going to be pretty and it's going to take a couple of years still, but we are on our way to a stronger and more unified eu, with or without britain over time. >> what do you think? >> a little bit too positive to me. i would say europe is probably not coming apart. different said statement than europe is coming together. i think the reason it probably won't come apart is greece, not france. sooner or later, that is the real test. the president of france is taking france in directions that are truly unsustainable economically. but for germany, it's one thing if greece were to leave, but for france, it can't leave. if you're germany, that's the whole core, the whole concept, the dynamic of post-world war ii european integration. germany will go to great lengths, i think really whatever lengths it takes to keep france in. europe will survive but economic growth is not going to take off, it's still going to be extremely weak because it doesn't have in place a
the bailout. that was an incredible show of will. halting and clumsy and awkward as the eu politics are, they're on the way to banking regulation in the euro zone. it's not going to be pretty and it's going to take a couple years still, but we are on our way to a stronger and more unified eu with or without britain over time. >> what do you think? >> too positive to me. europe is probably not coming apart. different said statement than europe is coming together. the reason it probably won't come together is not greece, it's france. sooner or later, that is the real test. the president of france is taking france in directions that are truly unsustainable economically. france can't leave if you're germany because that's the whole core, the whole dynamic. the relationship. germany will go to great lengths, really, whatever lengths it takes to keep france in. europe will survive but economic growth is not going to take off, still extremely weak because it doesn't have in place any of the prerequisites. >> the head of morgan stanley had a piece where he said that europe is actually going to bounce
fuel. >> it is. it is not an end to solution to climate change. we tried for 20 years with kyoto and e.u. wanted to do a lot of good. i'm from europe. we ended up paying 20 or $30 billion to cut carbon emissions what you guys have done, done it for free. actually you've made money doing it because you also got cheaper energy. that is the way forward. also for china and india and everyone else. melissa: that is the argument too, a lot people proponents of solar and wind whatever don't want to hear. while fracking has been profitable it has helped the environment. at the same time you look at things like there was this big story today out of wyoming where encana is drilling and there's a well is contaminated one way or the other. seems like it from the reports. they're dealing with all this. the neighbors in the neighborhood are saying pavilion, wyoming, this is a sult of the fracking going on nearby. there is a case they would point to saying it is bad for the environment. >> listen there is nothing just fine. fracking also has its problems. we should dinitely have it well-regulated. most
, the eu debt crisis and superstorm sandy are expected to top issues. take a look at shares this morning. before the report, they're down .75% in frankfurt. so trailing the 34k9. they have been roughly flat over the last few months. james is a huge fan of werings season. you're so excited about this one, i know. >> i live for the wering hes season. you could spend almost your entire time -- >> there's only about three months of the year when you're not engaged in looking at earnings. >> ask you're probably on holiday. >> and are we too focused on werings season? >> samsung, earnings results up, share price down. if you think earnings is relative for share price performance, it isn't. we're talking about the reporting season rather than the underlying earnings. >> they have quite a lot of leeway. they've given guidance to the analysts about what those earnings might look like in the near term. all the analysts are pawing at the results. all in all, a huge amount of activity and brain power wasted on something which in the near term has been well flagged, isn't that important. >> at the sa
chancellor merkel certainly wanted to keep in the e.u. because they never went into the eurozone. but they are an active member of the e.u.. she wants to keep them in. >> time is getting a little tight here, so let's go to two questions very quickly. right here and then right over here. >> do you think it would enhance economic opportunities in asia if we had more asian members of congress? >> that's an interesting thought. of course, some very senior members of congress, in fact, the senior senator just died who, inouye, who had tremendous clout there. and you're seeing more and or more asian members elected, male and female. and i think you'll continue to see that. you know -- >> who else -- [inaudible] >> well, you have, i think there are several. you have one who's a korean, i think you have one korean-american, and i think you'll see more going forward because you've got a lot of asian americans who are mayors, you know, in major cities. and i think that the answer is i think would be very helpful to have more asian-americans as members of congress. and, of course, you had g
by the proposal in today's conservative report to opt out of the eu law. will be prime minister rule out this opt out today? >> what this government has done, explain to him at the beginning of prime minister's question is massively help the women through the single tear pension. i look very carefully at the proposal he mentioned and i will write to him. >> thank you, mr. speaker. i know my right honorable friend is aware of the extreme study suffered in the west country in november and december of last year, impacting many homes and businesses but also sweeping away the rail link between the west country and london leaving us cut off for several days. which he ushered our government will take every step necessary to improve the resilience of this vital rail link so we never get cut off a give? >> i think my honorable friend is right to raise this issue. i'm well aware of how bad the
in europe and the u.s. the european process is a finding at the e.u. level. we have been for investigation for it almost two years by the commissioner there and his staff. during this period, they comment from everybody and we give them literally millions of documents. we are busy negotiating with them. we don't think we violated any european laws, but we're happy to have the conversation and we're sort of now waiting on with a they decide to do. we have been negotiating back and forth and they have announced that publicly. in the united states, the law is similar but different if the way it's applied. in our indication, the government to have the federal trade commission look at this and a similar investigation is underway. there were a series of hearings. i testified at the hearings and, again, i don't see the consumer arm under section 2 and we have asked the government to come back and give us the examples of things which are violations of law. we haven't seen that yet. we are also in negotiations with them. that's probably all i should say. what i would say is we talk to these people
on the first count and now it turns out that they are not right about that one either. according to eu magazine, the cars were not recycle. they shredded them. that process sent tons of parts to landfills each year. so which cars ended up in the shredder? that list is tonight's top five. number five is the chevy blazer. 50 miles per gallon, about a clunker. this gm classic is clearly a clunker. it was redesigned in the '90s is a smaller percentage before being discontinued. before that, the dodge caravan. it was one of the biggest hits for chrysler. the company plans to make them through 2014. the jeep grand cherokee is another one. this vehicle is still popular with off-road enthusiast even though it only gets about 50 miles per gallon. number two is the board f150. but it only gets about 17 miles per gallon. in the number one most traded in clunker is the ford explorer. very popular in the late '90s and early two 2000. it gets about 20 miles per gallon. and the number one was the toyota corolla. it gets much better gas mileage and many of those. that was the car that these clunkers were treat
early to say. i think the eu has taken action, the situation is much more stabilized, uncertainties have reduced. so i think we are on the right path for further growth. >> it's going to be a reasonably good year. if you exclude europe, i would say it's going to be a good year for the industry, but when you include europe, it's going to be exceptionally good. we are looking at the car market with the construction of 8%. we are protecting 3% of construction for 2013. i don't think in europe we are still in the recovery mode. except europe, growth everywhere. >> you see the different twist or europe in particular dpifg more stability. it's about combining different disabilities to reboost growth. >> all right. the final quote there coming back little by little, maria. >> yeah. a big diversified group of executives talking about the environment. joining us right now is the ceo of coca-cola, muhtar. it's great to see you. >> great to see you. >> what do you think? >> well, we continue to see opportunities everywhere in the world, the kind of opportunities are continuing to contract the code
's going to do a referendum on whether or not to keep the uk in the eu. what would be the implications if the eu has left? >> i think we are still quite far from that happening. of course, this announcement of a referendum years from now is creating uncertainty and is not necessarily helpful in terms of stabilizing the economy, neither in the uk or in the european union. >> do you think changes need to be made in terms of policies to encourage the uk to stay? >> in fact, many of the elements or the policy agenda of david cameron are something which are very important and the commission is working for the confidence of european industry, a rather comprehensive free trade agenda as well as the competition of the single market. this beneath for restoration of the european industry and of returning to sustainable growth and better employment. but there is no need to leave the european union for the policy -- >> this morning, as you well know, the foreign affairs and trade, as well, there's quite a lot of support around europe for david cameron's thought process of what he wants to achieve
in the motor race, though. we've had a big eu change on the agenda. >> yeah. >> we don't know how that's going to come out in the wash, do we? >> that changes things around. but in the short-term, it does mean that the markets are a little more volatile and it has been a sizable change. >> it's just unfortunate to some degree that these natural disasters which affect many people and are stressful events to live through then cause insurance premium toes rise, which sounds like that's what's happening in part of the u.s. >> it varies, but long-term insurers will look to make profit over a period of time. when they do happen, they have to look at have they been in line with all their expectations? >> and what's happening with capacity? it's dictated by capacity levels. >> yeah. pnc, capital comes in and out frequently been we are seeing money coming into the insurance sector. as capacity comes in, rates will go down. >> i want to talk about life, but first to cap off what happened with superstorm sandy, it took a while to get a sense of how costly that event was. what's emerging? >> i think most
to hopkinson said this water tastes funny and hopkins said of course it does, it's got a whiskey in it. its e.u. a judge of water. last night and then, you know, he would do these things like -- off in odd note to winston churchill essay deerwood then, happy for dave. how old are you anyway? that's the kind of guy he was. there is another dinner at claridge is in the west end of london and period was hosted by the leaders of the british press, the publishers, the editors, the distinguished writers. churchill wasn't there. hopkins was the guest of honor. and so that journalists would do the lake and what he said that he was asked to make some after dinner remarks and he went around the table, speaking softly, looking at a set, shiny and 86. he gave them the sons that while america was not yet in the war, she was marching to save them in the british old. and then one of the journalists wrote, we are happy then all. her courage and confidence have been stimulated by a contact, which shakespearean henry the fifth had a phrase, a little touch of harry mma. the hopkins touches not know, nor was it la
. in the u.k., this big e.u. debate about how important is european trade in the future, as well. you've also been speaking to the prime minister of latvia. what does he have to say? >> reporter:. latvia is a poster child, isn't it, for those on the right economically if you like who think that austerity and paying dunn your debts is the way that you restore growth. latvia had a very difficult crisis. they had negative growth and a contraction of the economy of somewhere around 20%. last year, they grew 5%. this year they're expected to grow 3.5%. and that's because they front loaded a lot of the cuts in government spending, and they forced down wage rates. i caught up with the latvian prime minister earlier this morning on "squawk box" and said, well, you've done it, greece, spain, italy, portugal, perhaps they should be learning lessons from you. let's listen to how he responded. >> i wouldn't go as far as now to tell exactly other countries what should be -- what they should be doing because each country has its own difficulties and its own way out of the crisis. but in general, we see tha
with them in ireland where i met with a distinct lack of enthusiasm from the e.u.'s group and the independent demigs on banking. sir john vickers, chairman of the independent commission, has criticized the u.k. coalition government for backing away from his original proposal while the recent report summarizing the responses received from the report acknowledges the widespread opposition to the proposal in a charmingly understated fashion, stating they welcome the group's analysis but argued that a compelling case of trading activities hasn't been made. they felt the proposal wasn't backed by the required evidence and there was a need for a thorough impact assessment. with all due respect to my friends in the european financial regulaer to community, when a regulatory proposal is viewed within the e.u. as being too harsh and the financial industry and harmful to marks, i think it's a clear sign it's time to take a step back and re-evaluate. regardless of what happens with respect to the vickers or like then proposal, even if all the most visitry olic allegations wall street
and the economy. and we're here listening to some of the leaders of the eu and other entities here trying to understand how they're dealing with their problems. and i think coming out of all this will be a renewed sense that in america we can compete and we will compete and we will continue to be the destination for capital and innovation. >> and we've got a natural gas boom, an oil boom, we've got thanks to low interest rates what appears to be some sort of a housing boom. so much more can happen. in fact it seems like the only body, the only institution that might stand in the way of 2013 being a great year is congress. >> well, listen. there is certainly not the outcome that anybody wants. and i'm hoping that after we've been through the election of last november, been through a fiscal cliff debate, working our way through a debt ceiling debate, i think in a responsible manner, with an eye towards trying to fix some problems. >> when you look at the options out there, president obama's budget proposal and paul ryan's offer, they both don't do what guys like you say need to be done, bal
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